IRCON International Limited saw a sharp decline in its stock price, dropping 6% after the company reported an 11.5% year-on-year (YoY) decline in Q3 revenue. As of 9:15 AM, the shares were trading 5.37% lower at Rs 169.21.
Despite a 13.2% YoY increase in standalone net profit, investors reacted negatively to the revenue dip, attributing it to project completion cycles and cost adjustments.
For the quarter ended December 2024, IRCON reported standalone revenue of ₹2,470.35 crore, down from ₹2,792.14 crore in the same quarter last year. On a nine-month basis, revenue fell 16.3% YoY to ₹6,949.69 crore. The standalone net profit, however, improved to ₹140.65 crore from ₹124.27 crore, showcasing resilience despite revenue pressures. Earnings per share (EPS) dropped to ₹1.50 from ₹1.97 in Q3 FY24, reflecting the impact of declining revenue.
The consolidated financials also reflected a slowdown, with Q3 revenue slipping 10.8% YoY to ₹2,612.86 crore. The nine-month revenue stood at ₹7,347.51 crore, compared to ₹8,726.65 crore in the previous year. The most significant decline was in consolidated net profit, which plunged 64.8% YoY to ₹86.10 crore in Q3, while the nine-month net profit dropped to ₹516.05 crore from ₹682.85 crore.
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